Tesla Motors chief exec officer vows to completely pay off US loan early

WASHINGTON -- The chief executive of electric car maker Tesla Motors says his company plans to pay back an Energy Department loan in half the time required by the U.S. government.

CEO Elon Musk said Tesla plans to pay off the US$465 million federal loan in five years, rather than 10 years. Musk made the comment Tuesday at a summit on energy innovation, where he appeared on stage with Energy Secretary Steven Chu and defended the Obama administration's clean energy program.